Pick 'n Pay profit flat, outlook tough

South African grocery chain Pick 'n Pay reported flat full-year profit and said it expected more difficulty ahead, underscoring the grim outlook for demand in Africa's biggest economy.

Shares of the company fell nearly 2 percent after the results  yesterday, becoming the biggest percentage loser on Johannesburg's Top-40 index. South Africa last year exited its first recession in nearly two decades, but household finances remain under pressure and retail sales have been worse than economists expected.

Pick 'n Pay rival Shoprite said in February it saw little likely improvement in market conditions this year as consumers battle job losses and high levels of debt.

Editor's Comment
Stop the children killing madness!

The incident comes on the heels of a similar one where a father murdered his two toddlers in Francistown. As we grapple with the shock and sorrow of this loss, it is essential to address the underlying issues that led to such a horrific outcome.Our hearts go out to the innocent victims, the three boys aged 13, 10, and eight who lost their lives in circumstances that defy comprehension. Their deep cuts and untimely demise have left a scar on the...

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